Shanghai’s STAR Market Raises $17.36 Billion for Chinese Tech Companies in First Year

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The Shanghai Stock Exchange’s (SSE) NASDAQ-style Science and Technology board (STAR Market) has raised 123 billion yuan (approx. USD$17.36 billion) for Chinese firms since its launch just over a year ago.

The STAR Market commenced operation on 13 June 2019, and as of 11 June 2020 was home to 109 listed companies with a total market capitalisation of 1.714726 trillion yuan, according to data from the China Securities Regulatory Commission (CSRC).

CSRC data further indicates that the average price-earnings ratio of these companies stood at 76.57.

“The opening of the STAR Market and the trial registration system have been excellent, its progress has been quite smooth, and the main system arrangements have have passed the test of the market” said CSRC deputy-chair Li Gang (李钢) on 11 June at a press conference held in Shanghai.

“It has met expectations overall, and all parties have given positive feedback.”

Li said that as of 5 June 106 STAR Market companies had seen average share price increases of 159% since listing, while 5.27 million authorised investors had access to the board.

Data from Wind indicates that as of 12 June there were 109 STAR Market companies, of which 47 were IT firms and 24 in healthcare, jointly comprising 65% of the total.

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Sci-Tech In­no­va­tion Board/ SSE STAR Mar­ket (上海证券交易所科创板)

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